Gianni Versace SpA is in initial discussions with a number of buyout firms about taking a minority stake in the legendary Italian fashion house, according to people familiar with the matter.

The discussions are at a preliminary stage and an equity investment isn't expected until the summer, these people said. Versace has been in initial contact with several firms, including Britain's CVC and Doughty Hanson and Texas Pacific Group of the U.S. The prospective partners haven't yet discussed how big a minority stake would be...